Acting to enhance cooperation with the leading electric power enterprises VTB Bank has set a single credit limit to JSC RusHydro, the largest Russian generating company.
A RUB 6.25 billion limit set for a period up to 2011 is a further step aimed at strengthening partnership relations between VTB Group and RusHydro Group, two state holdings, which are leaders in their sectors of economy. RusHydro Group alongside with Federal Grid Company is a successor of RAO UES of Russia in terms of its property and administration. Providing RusHydro Group with wide access to its financial instruments especially those related to financing current activity is a priority task for the Bank in this industry.
Supporting enterprises of the Russian real sector of economy, including electric power enterprises, is a major goal for VTB business. The total volume of credit limits set by the Bank to electric power enterprises has approximated RUB 30 billion.
JSC RusHydro is Russia's largest hydro-generating company and the second biggest in the world in terms of installed capacity. RusHydro is the leader in the production of power on the basis of renewable energy sources, developing power generation using water flows, tidal, wind and geothermal energy.
As of 1 January, 2009, the company's installed capacity amounted to 25,336.6 MW.
RusHydro's share of the wholesale electric power market in terms of installed capacity amounts to about 12%. JSC RusHydro incorporates 55 renewable power source facilities. These include the Neporozhniy Sayano-Shushenskaya HPP, the biggest both in Russia and in Europe (6,400 MW), the 9 power stations of the Volzhsko-Kamskiy Cascade of HPPs, with aggregate an installed capacity exceeding 10,103 MW, the Zeyskaya HPP, which is the pioneer of large-scale hydro-electricity production in the Far East (1,330 MW), the Bureyskaya HPP (1,975 MW) and several dozen hydro-electric power plants in the North Caucasus, as well as geothermal power stations on Kamchatka.